Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 6%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating)’s share price dropped 6% during trading on Wednesday . The stock traded as low as $8.43 and last traded at $8.52. Approximately 1,394,224 shares were traded during trading, a decline of 66% from the average daily volume of 4,089,191 shares. The stock had previously closed at $9.06.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IOVA shares. StockNews.com raised Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a report on Friday, May 12th. HC Wainwright reaffirmed a “buy” rating and set a $38.00 price objective on shares of Iovance Biotherapeutics in a report on Wednesday, March 1st. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $11.00 price objective on shares of Iovance Biotherapeutics in a report on Monday, March 27th. Chardan Capital reaffirmed a “buy” rating and set a $29.00 price objective on shares of Iovance Biotherapeutics in a report on Wednesday, March 1st. Finally, Piper Sandler raised Iovance Biotherapeutics from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $11.00 to $14.00 in a report on Friday, January 27th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Iovance Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Iovance Biotherapeutics Stock Performance

The company has a 50-day moving average of $6.44 and a two-hundred day moving average of $6.76.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last released its quarterly earnings data on Tuesday, May 9th. The biotechnology company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.34. During the same period last year, the business earned ($0.58) earnings per share. As a group, analysts predict that Iovance Biotherapeutics, Inc. will post -2.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lazard Asset Management LLC increased its holdings in Iovance Biotherapeutics by 38.5% during the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 934 shares during the last quarter. Baird Financial Group Inc. increased its holdings in Iovance Biotherapeutics by 3.7% during the 1st quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock worth $459,000 after purchasing an additional 995 shares during the last quarter. Arizona State Retirement System increased its holdings in Iovance Biotherapeutics by 4.3% during the 4th quarter. Arizona State Retirement System now owns 33,395 shares of the biotechnology company’s stock worth $213,000 after purchasing an additional 1,362 shares during the last quarter. American Century Companies Inc. increased its holdings in Iovance Biotherapeutics by 0.5% during the 1st quarter. American Century Companies Inc. now owns 319,310 shares of the biotechnology company’s stock worth $1,951,000 after purchasing an additional 1,649 shares during the last quarter. Finally, Macquarie Group Ltd. increased its holdings in shares of Iovance Biotherapeutics by 2.7% in the 2nd quarter. Macquarie Group Ltd. now owns 66,393 shares of the biotechnology company’s stock valued at $733,000 after acquiring an additional 1,721 shares during the last quarter. 96.78% of the stock is owned by institutional investors and hedge funds.

About Iovance Biotherapeutics

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.